Despite a decrease in trading volume and a decrease in the total number of sales in the NFT market, in October of this year, an increase in the number of traders trading in non-fungible tokens was recorded.
According to the report of the analytical service DappRadar, in October 2022, an increase in the number of traders in the NFT market was recorded, despite the overall decline in the number of sales.
The report showed that there were 1.11 million NFT traders in October, which is 18% more than it was in September this year. This indicator indicates that the market continues to attract new users despite the overall decline.
The report also showed that the volume of trading in non-fungible tokens in October decreased by 30% compared to September, and amounted to $662 million. Analysts also point to a 30% decrease in the total number of NFT sales in October.
It is worth noting that the trading volume on the NFT market in October turned out to be the worst in the current year. At the same time, the number of traders has remained relatively stable since March, when the indicator fell sharply. As for the total number of NFT sales in October, their decline, although significant, is not the worst in the current year.
DappRadar analysts point out that the trading volumes of NFT collections in different blockchain networks vary significantly. Thus, the trading volume of Ethereum-based NFTs showed another decline in October, reaching only $324 million. The total decline in October was 21%, which was the worst indicator for Ethereum since June 2021. At the same time, the trading volume of NFTs based on Solana fell even more – by 49% and amounted to only $66 million. And the sales volumes of NFTs based on Flow decreased by 60%, showing only $15.57 million in October.
At the same time, the performance of NFT collections based on Polygon grew in October. Their trading volume was $10 million, up 770% from September. And the trading volume of NFTs powered by BNB Chain increased by 60% in October compared to the previous month.
DappRadar analysts also pointed to another drop in trading volume on OpenSea, whose share of the NFT market in October was only 47.8%. Recall that the marketplace has been losing its leadership since the summer of this year.